Phasecraft, a global leader in quantum algorithms, has secured $34 million in Series B funding to speed up its mission of transforming quantum computing from a theoretical promise into real-world applications. The investment round was co-led by Plural, Playground Global, and Novo Holdings’ Quantum Fund, marking Novo Holdings’ first direct quantum software investment. Other participants included existing backers AlbionVC, Latitude, and Parkwalk Advisors.

With this funding, Phasecraft has now raised more than $50 million, including grants. The company plans to double down on research and development while expanding industry collaborations to build practical solutions for end users.

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Driving Quantum Advantage

Phasecraft is at the forefront of creating quantum advantage, developing algorithms that are already delivering impactful results. From simulating complex materials to optimizing large energy networks, the company is proving that quantum solutions can address previously inaccessible problems.

Ashley Montanaro, co-founder and CEO of Phasecraft, explained: “We’re actively creating quantum advantage at Phasecraft. Our algorithms are delivering meaningful results now, whether it’s simulating the physics of complex materials or optimizing the structure of a large energy network, whilst our partnerships with the world’s top quantum hardware providers increase the impact our algorithms will have for commercial applications.”

Notably, Phasecraft’s algorithms are hardware-agnostic, enabling collaborations with global leaders like Google Quantum AI, IBM, Quantinuum, and QuEra. Instead of waiting for flawless quantum hardware, Phasecraft leverages Noisy Intermediate Scale Quantum (NISQ) devices to solve challenges in energy, materials, and telecommunications today.

Expanding Industry Applications

The company is already working with top organizations, including Johnson Matthey, Oxford PV, NESO, and BT, applying quantum-enhanced methods to accelerate innovation across energy, materials science, and telecom. Its breakthroughs are making simulations millions of times more efficient, with promising applications in drug discovery, renewable energy, and resilient network design.

Strong Backing from Global Investors

Industry leaders are praising Phasecraft’s approach. Ian Hogarth, partner at Plural, remarked: “Phasecraft is revolutionizing the quantum landscape in ways that were previously thought impossible. Its hardware-agnostic approach means it’s been able to work with several of the world’s most powerful computing devices, creating algorithms that are more efficient by factors of millions.”

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Peter Barrett, general partner at Playground Global, added: “With advancements in quantum algorithms from Phasecraft, we are poised to shift from discovery to design, entering an era of unprecedented dynamism in chemistry, materials science, and medicine.”

Meanwhile, Jeroen Bakker, partner at Novo Holdings, highlighted the healthcare potential: “Quantum algorithms offer tremendous potential for molecular simulation to predict drug efficacy and optimize design. This is why we are excited to make our first quantum software investment from our new Quantum Fund in Phasecraft.”

A World-Class Team Leading the Charge

Founded by Professors Toby Cubitt, Ashley Montanaro, and John Morton, Phasecraft brings decades of research leadership from UCL and the University of Bristol. The team brings together experts who’ve worked at leading companies like AWS, Johnson Matthey, and Goldman Sachs. Expanding globally, Phasecraft recently opened a Washington D.C. office led by Professor Steve Flammia.

Backed by committed investors, breakthrough algorithms, and trusted partnerships, Phasecraft is speeding up the journey toward practical quantum computing bringing advances in energy, medicine, and materials closer than anyone expected.

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